Following Greece?

Published: Friday, May 7, 2010 at 11:04 a.m.

Last Modified: Friday, May 7, 2010 at 11:04 a.m.

To The Editor: For decades, Greece has been yielding to strong union demands, providing free-rider entitlement programs to its citizens. Lenders balked at buying any future Greek bonds. Recently, the EU agreed to stand behind the Greek bonds, but at a high price for its citizens. We are learning that Greek citizens will be required to pay higher taxes, and will see pension, health care benefit and job losses. Greek citizens who have received free benefits for decades will not easily want to give them up. Strong protest can be expected and potentially anarchy.

Could the U.S. be far behind Greece? Maybe, we already have three major entitlement programs that are broke -- Social Security, Medicare, and Medicaid -- and now we are adding a fourth, Obamacare. Half of the law funding comes from $500 billion worth of cuts to Medicare. Does anyone actually believe that any administration will actually cut benefits to seniors? Other funding is coming from higher taxes on the wealthy, which leads to lower tax revenue and fewer jobs.

Will China, India, and Japan stop buying our bonds, like Greece experienced? Will our citizens see losses like Greece and take to the streets?

<p>To The Editor: For decades, Greece has been yielding to strong union demands, providing free-rider entitlement programs to its citizens. Lenders balked at buying any future Greek bonds. Recently, the EU agreed to stand behind the Greek bonds, but at a high price for its citizens. We are learning that Greek citizens will be required to pay higher taxes, and will see pension, health care benefit and job losses. Greek citizens who have received free benefits for decades will not easily want to give them up. Strong protest can be expected and potentially anarchy. </p><p>Could the U.S. be far behind Greece? Maybe, we already have three major entitlement programs that are broke -- Social Security, Medicare, and Medicaid -- and now we are adding a fourth, Obamacare. Half of the law funding comes from $500 billion worth of cuts to Medicare. Does anyone actually believe that any administration will actually cut benefits to seniors? Other funding is coming from higher taxes on the wealthy, which leads to lower tax revenue and fewer jobs. </p><p>Will China, India, and Japan stop buying our bonds, like Greece experienced? Will our citizens see losses like Greece and take to the streets?</p><p>Jack Harshbarger</p><p>Etowah</p>